U.S. Ag Exports Projected To Decline $3 Billion
U.S. agricultural exports in fiscal year 2020 are projected at $136.5 billion, down $3 billion from the February forecast, according to USDA's latest Outlook for Agricultural Trade.
The COVID-19 pandemic is damaging the ability of firms and individuals to produce goods and services while simultaneously changing the consumption behavior of consumers and businesses across the globe. As a result of the pandemic, real per capita world gross domestic product is forecast to decline by 5.5% in fiscal year relative to the prior year.Outlook for Agricultural Trade reduces soybean export projections by $1.9 billion.